Mukesh Ambani-promoted Reliance Retail Ltd will set up 45 'Reliance TimeOut' stores -- books, music and stationery outlets -- across India in the next three years.
NEW DELHI: Expanding its footprint in newer formats, Mukesh Ambani-promoted Reliance Retail Ltd will set up 45 'Reliance TimeOut' stores -- books, music and stationery outlets -- across India in the next three years.
"The plan is to expand into different locations in the country, including Tier I and II cities. In the next three years, we will open 45 stores," Reliance Retail (RRL) President and Chief Executive (Life Style) Bijou Kurien told.
The company has launched a pilot project, under which it opened two stores in Bangalore and Gurgaon, and the third one would be rolled out at Kochi in March.
On investment, he said it would vary from Rs 3 crore to Rs 20 crore depending on size and added that it would be a part of RRL's overall Rs 25,000-crore roll out plan.
The company on Thursday launched its second store spread over 41,000 sq ft with more than one lakh products in Gurgaon at an investment of Rs 20 crore.
The first store with 21,000 sq ft space was opened in Bangalore last month and the company proposes to launch the third one in Kochi, spread over 23,000 sq ft area.
Asked about the expected sales from this format, Kurien said after inaugurating the three stores, the company would assess the performance in the next 3-6 months and would proceed accordingly.
"This is a pilot project. After launching the three stores, we will be in a better position to tell what we had anticipated and what we will expect," he said.
On RRL's different retail ventures, he said it is operating with 10 formats and would focus on existing ones.
"Growth will be huge in retail in the coming days. We will focus on the existing 10 formats instead of opening new ones," Kurien said.
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